Adani Power shares jump 7% today; can stock revisit all-time high level?
Adani Power shares jump 7% today; can stock revisit all-time high level?
Shares of Adani Power Ltd rose sharply in Thursday’s trade, extending their gains for the second straight session. The stock surged 7.37 per cent to hit a day high of Rs 622. At this price, the scrip was down 3.86 per cent from its record high value of Rs 647, a level seen last month on April 4.
The thermal power producer has reported a consolidated profit before tax of Rs 3,558 crore in the fourth quarter (Q4 FY24), compared with Rs 898 crore a year earlier. The company’s quarterly revenue rose 30.5 per cent to Rs 13,364 crore.
Four out of five technical analysts largely remained positive on the counter. But, they did mention key support for Adani Power’s stock at the Rs 580-570 zone. On the higher end, immediate resistance will be at Rs 625 and a decisive close above the said level can trigger a potential upside towards Rs 650.
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, “The stock looked strong on daily charts. One can consider buying it for an upside target of Rs 650. Keep stop loss placed at Rs 570.”
Vaishali Parekh, Vice-President – Technical Research at Prabhudas Lilladher, said, “Adani Power’s looked positive on charts. The stock has been consolidating for sometime. Support will be at Rs 580.” The view gets negated below Rs 580, she added.
Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, “Support will be at Rs 575 and resistance at Rs 625. A decisive close above Rs 625 level may trigger a further upside till Rs 650. The expected trading range will be between Rs 560 and Rs 660 for a month.”
Osho Krishan, Senior Research Analyst – Technical & Derivatives at Angel One, said, “The stock has witnessed some traction in the last couple of trading sessions, letting it inch toward its lifetime highs. The counter seems poised to enter uncharted territory and continue its northward journey once it surpasses the Rs 640 zone. For now, Rs 580-570 is likely to provide a cushion for any blips, while on the higher end, an authoritative surge beyond all-time highs could strongly thrust the bullish momentum in the comparable period.”
On the contrary, AR Ramachandran from Tips2trades suggested that the stock looked bearish. “Adani Power has strong resistance at Rs 629. A daily close below support of Rs 580 could lead the stock to a lower level of Rs 502 in the near term,” he stated.
As of March 2024, promoters held a 71.75 per cent stake in the company.
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